Tax breaks for every life stage

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Tax breaks for every life stage

Changing tax laws aren't the only thing that could throw a monkey-wrench into what you owe (or get back) April 15. When life happens, tax changes typically follow.

"Planning is more and more critical at each of the life stages," said Timothy Gagnon, an assistant academic specialist of accounting at Northeastern University's D'Amore-McKim School of Business. Taxpayers are likely to get better results by planning ahead for changes such as filing as a married couple or retiring, he says, rather than rushing to piece together a strategy afterward—and just before tax time.

These seven life events could trigger substantial tax changes worth talking about with your tax professional.